Commbank & Macquarie cut fixed rate home loans

As the RBA held the cash rate at 4.10% for two months in a row, banks have made their own calls on which of their home loan products should be raised or cut.

While fixed rate home loans were hiked by a number of banks last month, some of the same banks have cut rates this month. What’s more, some of the cuts are fairly substantial.

Who cut fixed rate home loans?

Last week, Commbank, Macquarie, and Ubank cut fixed rate home loans. According to Mozo tool Marketview, Commbank cut its one year fixed rates by 15 basis points and its 3 year by 35 basis points.

Ubank only cut rates for one of their home loan products. The 5 year term Own Home Loan for owner-occupiers (LVR <85%) was cut by 47 basis points.

Meanwhile, Macquarie lowered a range of its fixed rate home loan products. For example, its Basic Home Loan for owner-occupiers (LVR 70-80%) was cut by 24 basis points for 1-5 year terms. The same product for investors (LVR 70-80%) was lowered by 26 basis points for a 1-3 year term and 24 basis points for 4 and 5 year terms.

Knowing home loan interest rate movements can be a good way for borrowers to gauge where the market is at. Want to see how home loan products compare? Check out some of the fixed rate home loan products featured below…